PITNEY BOWES INC /DE/ (PBI): M&A transaction — Pitney Bowes spins off majority of Global Ecommerce to Hilco, files Chapter 11

PITNEY BOWES INC /DE/

Hilco affiliate acquired 81% voting interest in DRF Logistics for de minimis consideration; Pitney retains 19% voting and 100% economic interests.
Ecommerce Debtors (DRF Logistics and subsidiary) filed Chapter 11 petitions to conduct an orderly wind-down.
Pitney entered Restructuring Support Agreement providing up to $47M DIP facility at 10% interest, maturing November 2024.
Pro forma financials reclassify ecommerce segment as discontinued operations; continuing ops revenue was $1.025B for H1 2024.
Approximately $4M in transaction costs accrued; Pitney will no longer consolidate ecommerce debtors' financial results.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PITNEY BOWES INC /DE/ completed a disposition involving affiliate of Hilco Commercial Industrial, LLC (closed 2024-08-08).

Action: disposition
Counterparty: affiliate of Hilco Commercial Industrial, LLC
Closing: 2024-08-08

Exact text from the filing

an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of the Company retaining 19% of the voting interests and 100% of the economic interests.

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PITNEY BOWES INC /DE/ filing history →

Source: SEC EDGAR

accession 0000078814-24-000055

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